Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 09, 2015 08:15 ET

January 2015 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - Feb. 9, 2015) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 4,460 units in January compared to 4,660 in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of total housing starts.

"The trend in total housing starts in Winnipeg continued to moderate in January as multi-family housing starts trended lower while single-detached starts remained relatively stable. Despite the decline in the trend, the overall pace of construction was higher than it was one year ago as elevated net migration to Manitoba continues to support demand for new housing," said Dianne Himbeault, CMHC's Senior Market Analyst for Winnipeg.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR increased to 5,700 units in January from 3,062 units in December, supported by relatively strong performances in both the single-detached and multi-family sectors. Actual housing starts were also higher on a year-over-year basis totalling 420 units compared to 153 in January 2014. Both single-detached and multi-family sectors registered increases.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request

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(1) All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

A graph and tables are available at the following link: http://media3.marketwire.com/docs/991157e.pdf.

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